One of the nation’s leading demographers has slammed negative media reports about the Australian property market. KPMG partner Bernard Salt says negative views of the property market are rife, but have little truth behind them.
“When do you ever pick up the paper and read a positive view of the Australian economy or property market? There is never a positive view,” he says. “In fact, if you acted on the advice, you would never buy property, you would never invest in property. And yet, in fact, you would have missed the greatest boom for the last 25 years.”
Salt says Australians need to take a “bigger-picture view”, and argues that we are a young, vibrant country with strong levels of population growth, very aspirational, and we’re rich in terms of income per capita.
“We are as rich as the Americans, some say even more so depending on how you measure it. We are more egalitarian. Our cities are more attractive places to live. We are an overnight flight away from China,” he said. “There is no reason why we wouldn’t be prosperous people in 10 or 15 years’ time. There is no reason why people wouldn’t be spending more on property in the future.”